The Oncology Institute, Inc. (NASDAQ: TOI) is a value-based oncology company that operates a network of outpatient cancer care clinics through affiliated physician corporations (the TOI PCs). Revenue comes from two primary streams: capitation payments under managed care contracts, where TOI receives fixed per-member-per-month fees to manage oncology care for defined patient populations, and fee-for-service (FFS) billings to third-party payors including Medicare, Medicaid, commercial insurers, and patients for specific medical services rendered. Drug purchases, covering both oral and chemotherapy drugs, represented approximately 84% of total costs for the year ended December 31, 2025. As of December 31, 2025, TOI operated leases for 65 clinics across California, Arizona, Nevada, Florida, and Oregon, with principal executive offices in Cerritos, California. The company functions as a management services organization, providing administrative, billing, technology, and operational support to the TOI PCs under management services agreements.

Revenue model

Two revenue streams: capitation contracts (fixed per-member-per-month payments from managed care payors for delegated oncology care management) and fee-for-service billings to Medicare, Medicaid, commercial insurers, and patients for individual medical services rendered by TOI PC physicians. FFS revenue is recorded net of contractual adjustment allowances.

Products and services

Outpatient oncology care services including chemotherapy administration, oral oncology drug dispensing, specialty pharmacy operations, and physician-delivered cancer treatment. Drug procurement (oral and chemotherapy drugs) represents approximately 84% of total costs as of FY2025.

Customers and end markets

Cancer patients served through managed care and government payor contracts. Payors include Medicare, Medicaid, and commercial managed care organizations. FFS referral volume depends on relationships with primary care physicians and associated medical groups.

Value-chain role

Management services organization supporting affiliated physician corporations. TOI provides administrative, billing, collections, technology, and professional services infrastructure. Clinics operate under a fully delegated capitation model with payor partners, with selective direct clinic build-out over time.

Geographic exposure

United States only. As of December 31, 2025, 65 clinic leases across California, Arizona, Nevada, Florida, and Oregon. Principal offices in Cerritos, California under a lease expiring December 31, 2027.

Source: SEC 10-K, filed 2026-03-12

Industry: Services-Offices & Clinics of Doctors of Medicine Peers: AlerisLife Inc. Brookdale Senior Living Inc Sonida Senior Living Inc HCA Healthcare Inc Community Health Systems Inc HANGER, INC. Joint Corp National Healthcare Corp Pennant Group Inc US Physical Therapy Inc